☕️ Innovator’s arena

Good morning.

At Tech 23, Australia's deep tech stars shone with bold visions for the future. Bob Criner proposed a hydrogen-powered flight experience for the 2032 Olympics, while others unveiled cutting-edge innovations, from NASA’s livestock pregnancy tests to surgical robots.

Capital Brief’s Dan Van Boom and Bronwen Clune have all the goss here.

🏆 LOI Subscriber #TBD

Market movers

Shares in AMP were top performers on Thursday after the wealth manager beat market expectations with a $118m underlying profit for the half year. The company's cost-cutting measures propped up profits while it juggled divestments and a $30m advice business loss.

The quick sync

• Quinbrook’s David Scaysbrook explains the renewables pioneer's approach to investing and its accidental stake in Sun Cable alongside Mike Cannon-Brookes' Grok Ventures. (Capital Brief)

• Delta joins Squadron Energy and others in studying potential investments in new gas power plants. (AFR)

• Qantas’ board failed to challenge an all-powerful CEO in Alan Joyce, leading to a ‘‘command and control’’ approach from Joyce that left the airline with ‘‘significant reputational and customer service issues’’, a review found. (AFR)

• Labor is considering the example of South Australia as it wades into a highly contentious space: truth in political advertising. (Capital Brief)

• Property developer Mirvac blamed the steep rise in labour and material costs for halving its profit margins on some residential projects, triggering a 13% fall in operating earnings this year. (AFR)(Capital Brief)

• The RBA and Treasurer have been at odds this week, but the central bank governor Michele Bullock moved to personally defend the government after turbulent 48 hours. (Capital Brief)

Trading floor

M&A

• BHP plans to sell Brazilian copper and gold assets from its Oz Minerals acquisition, with Santander Group advising on the potential sale. (Capital Brief)

• Phocas Software is preparing for a potential acquisition with Evercore advising on options, including a selldown for early investors. (AFR)

• IGO may sell assets from its Forrestania Nickel Operation to Medallion Metals as the site nears depletion, with plans to transition it into care and maintenance in FY25. (Capital Brief)

• Mark Creasy is close to buying Macquarie Bank’s $148m debt in Calidus Resources, which could help him gain control of the miner. (AFR)

• Novonix and CBMM have partnered to develop improved, cost-effective cathode materials for lithium-ion batteries. (Capital Brief)

• Pacific Smiles' shares dropped after shareholders rejected a board-recommended takeover by NDC BidCo, favoring a private equity offer instead. (Capital Brief)

• Fujitsu is selling its Australian data centre portfolio, valued at $500m to $1bn, including the 92-megawatt Western Sydney Data Centre. (The Australian)

Capital Markets

• Light & Wonder reported $818m in June quarter revenue, up 12%, following its successful ASX listing and inclusion in the Russell 1000 index. (Capital Brief)

• Assembly Funds Management is seeking $100m for its ADPF2 property fund, aiming for a $500m close. (AFR)

• Credit funds looking at Macquarie’s Bingo waste management may benefit from discounted US debt, which is now trading around 92¢ on the dollar after a recent S&P downgrade. (AFR)

VC

• None

People moves

• Federated Hermes has hired Elizabeth White as associate director of business development in Australia. (City Wire)

• Corrs Chambers Westgarth is looking to hire Kam Jamshidi, a top M&A lawyer from Herbert Smith Freehills, to boost its Melbourne office. (AFR)

• Qantas is cutting former CEO Alan Joyce's pay by $9.26 million and reducing executive incentives following a governance review that identified management mistakes impacting the company's reputation. (Qantas cuts ex-CEO Alan Joyce's pay by $9m — Capital Brief)

• Cauldron has appointed David Weiner as CTO to drive global expansion and technology R&D. (Startup Daily)

• T2 Tea has appointed Christelle Young as its Managing Director.

The watercooler